A Research Proposal on Security in Electronic Banking in the UK

This research proposal investigates the critical aspects of security within the electronic banking sector, particularly focusing on the UK banking industry. The report begins with an overview of electronic banking, highlighting its convenience and rapid technological advancements. It identifies the research aim, objectives, and questions, which include understanding the effectiveness of current security measures and identifying vulnerabilities faced by customers. The literature review explores the concept of e-banking, various security threats such as unsecured Wi-Fi connections, phishing attacks, and the challenges faced by the banking industry. The methodology section outlines the research approach, strategies, and choices, including the use of a positivism philosophy, deductive approach, survey strategy, and quantitative research choice. Data collection methods involve both primary and secondary data, utilizing questionnaires and secondary sources. The expected findings and analysis anticipate that electronic banking provides significant benefits to customers, but also increases the risk of cybercrimes. The report also suggests various solutions, such as artificial intelligence, login protection, and data encryption, to enhance e-banking security. The conclusion summarizes the key findings and emphasizes the importance of robust security measures in the electronic banking sector to protect customer transactions. The report is supported by various references from journals and books.

RESEARCH
PROPOSAL
(Security in electronic
banking)

Table of Contents
INTRODUCTION...........................................................................................................................3
Overview of the topic..................................................................................................................3
Research trigger..........................................................................................................................3
Research aim, objectives and questions......................................................................................3
Statement of the problem............................................................................................................4
BRIEF REVIEW OF RELATED LITERATURE AND STUDY...................................................4
RESEARCH METHODOLOGY.....................................................................................................5
DATA ANALYSIS AND FINDINGS............................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Overview of the topic
Customers are the most important assent for banks so banking sector is consistently
improving its technologies. Banking has become more quick and convenient. One of the most
significant components of modern world of banking is e-banking or electronic banking.
Electronic banking refers to the medium which assists customers to get access to the funds. It
removes the requirement for the customers of the bank to visit the bank for their financial
transactions (Prasanalakshmi and Pugalendhi, 2019). Thus, this report covers the in-depth
information about electronic banking within the United Kingdom.
Research trigger
The major purpose of doing the current investigation is to conduct in-depth investigation
about the security and security trends within electronic banking. It also focuses over assembling
security vulnerabilities when a customer uses electronic banking.
Research aim, objectives and questions
Research Aim
To identify the effectiveness of security and security trends for customers in electronic
banking: A study on the UK banking industry
Research Objectives
 To develop basic understanding regarding the electronic banking
 To identify the effectiveness of security and security trends for customers in electronic
banking
 To determine the security vulnerabilities faced by customers while using electronic
banking
Research Questions
 Explain the concept of electronic banking?
 What is the effectiveness of security and security trends for customers in electronic
banking?
 What are the security vulnerabilities faced by customers while using electronic banking?

Statement of the problem
The major problem identified in the present investigation is that there are large number of
customers who are dependent over taking e-banking services. However, this has increased the
issue of security among customers who are availing e-banking services. Therefore, this report
covers the methods which help banks to reduce the risk of security while providing banking
facility.

BRIEF REVIEW OF RELATED LITERATURE AND STUDY
What is electronic banking and the need of security within electronic banking for their
customers?
According to the opinion of Ataya and Ali (2019), electronic banking refers to the usage
of electronic medium for assisting customers get access to the funds. Electronic banking has
made the banking and financial transactions quite convenient and easy for customers. There are
many e-banking services which are used for several bank transactions. Internet banking, mobile
banking, debit card and so on. Digitalisation has made great changes in the whole world. With
the continuous upgradation in technologies, every sector has benefited and banking sector is no
different. Electronic banking is the type of banking which can be done by considering the type of
electronic such as tablet, computer, mobile etc. It helps an individual as well as corporations for
accessing each banking and financial facility using networks such as the internet. There are
several online security vulnerabilities of electronic banking such as using unsecured Wi-Fi
connections, third party applications, phishing attacks, staff integrity, slip-ups and omissions and
so on. Generally customers are attracted when towards free Wi-Fi connections when they carry
out electronic banking transactions (Hammouri and et. al., 2021). The idea behind using this is
often cost effective, however it could cost more if trouble sets in. The free Wi-fi connections are
not secured and this give access to cyber criminals into the mobile systems or personal
computers. The challenge of security is quite common in mobile banking. The banks give
instructions to customers about downloading official apps from the website and recommending a
trusted supplier for handling mobile application control and creation. Customers generally
download applications from mobile application stores and this is a potential security breach
which cybercriminals exploit (Chaimaa, Najib and Rachid, 2021). Hackers work on developing
exact replica of the apps and develop them with malware and influence customers to download
it. Internet fraudster uses a procedure called phishing. It obtains confidential information and
they commit cyber attack. The phishing procedure includes the distribution of email links or
messages that look legitimate to customers. Clicks on such kind of links need you to put
information and all this private information is enough for attackers to attack. The tremendous
development of electronic banking has created convenience for customers however, it has also
created opportunity for hackers and cyber criminals. The major challenge faced by banking
industry is to offer secured electronic transactions and activities to their customers. Increasing

concerns about the security of online transactions is continued to dominate spheres of electronic
banking (Shankar and Jebarajakirthy, 2019). Therefore, banking industry suggests their
customers to not share their confidential information to any one for reducing the chance of cyber
crime or hacking.

RESEARCH METHODOLOGY
Research philosophy: It is one of the layers of Saunders research onion framework
which gives apt type for the analysis of information. It is classified in the two forms which
include: positivism and interpretivism philosophy (Basias and Pollalis, 2018). Investigator will
take the assistance of positivism philosophy because it is directly linked with the analysis of
assembled numerical piece of information. The major benefit of using positivism philosophy is
that it finds the relevancy of data which has numerical terms.
Research approach: Another layer of Saunders research onion model is research
approach. It helps in the evaluation of data which is collected to meet the study's aim and
objectives. The approach contains two kinds which are: inductive and deductive approach.
Researcher will be using deductive approach as it allows investigator to examine the numerical
figures and facts systematically.
Research strategy: The other research method which holds great significance because it
provides step by step for the accumulation of information. There are many strategies which
include: case study, survey, action research, archival research, grounded theory, observation and
many more (Mehrad and Zangeneh, 2019). For the completion of current investigation,
investigator will be selecting survey as the research strategy because it facilitates in the
accumulation of numerical and raw information. The major advantage of the survey is that it
collect content by directly approaching source of data.
Research Choice: The other research method of the present study is research choice. It
assists investigator to determine the kind of information needed for the attainment of objectives.
This has two major forms which are qualitative and quantitative research choice. Researcher will
be using quantitative research choice as it only focuses over information which have numerical
values and figures (Younus and Zaidan, 2022). The major advantage of using the quantitative
research choice is that it gives significance to information which can be easily compared and
measured.
Data Collection: It is the research method which has two significant kinds which are:
primary and secondary data collection method. Investigator will be considering both the methods
of collection because they help in collecting combination of information. With the help of
primary method, investigator will be gathering raw piece of information. In this questionnaire
will be used (Rutberg and Bouikidis, 2018). On the other hand, investigator will also use

secondary method because it assembles second-hand information. Researcher will be using
secondary sources such as journals, newspapers, publications, books, articles, magazines and so
on.
Sampling: It is the significant research method that allows investigator to include
respondents for collecting information. It is of two kinds which are: probability and non-
probability sampling (Mohajan, 2018). Investigator will choose probability sampling because it
helps in the selection of large number of participants. Investigator will be selecting 30
respondents to accumulate data.

DATA ANALYSIS AND FINDINGS
The major expected analysis and findings of the current investigation is that electronic
banking is one of the greatest type of banking facility which is given to customers. It is important
for banks to offer great security to offer great security to its customers. Technology is
consistently causing rapid transformation within the banking sector. In simpler words, electronic
banking is the kind of service in which customers use online modes for availing banking
facilities (Malinka and et. al., 2022). Every electronic banking transaction should be internet
enabled. This is the kind of service by the bank as a mode of streamlining each service to its
customers. The whole banking system comes up with a user-friendly interface that with apt
guidance, even it also helps those individuals who are not tech savvy. Thus, technology has
helped in improving the banking experience for customers in the whole world. It also assisted in
enhancing the security of whole banking industry (Sarjiyus, Oye and Baha, 2019). Trends in
technology are consistently enhancing every day for revolutionising services of electronic
banking. With the application of data encryption, banks protect sensitive data from unauthorised
exposure (Barker, 2018). When an individual puts their login information then it increases the
security threats. Banks have tightened up the exercise through features such as idle webpage,
layered login processes, disable multiple logins etc. Therefore, e-banking services are important
for the success of bank in a systematic manner.

CONCLUSION
As per the above assembled information, it is summarised that banking industry is
providing online facilities and transactions to its customers. However, this has also increased the
chances of hacking and cyber crimes in the bank. It is also carried out in the current study that
electronic banking has made people to easily use online services. The current study also covers
the several solution through which transactions of customers are protected. Artificial
intelligence, login protection, data encryption, robotic process automation are some of the ways
through which e-banking security is provided to customers.

REFERENCES
Books and Journals
Ataya, M.A.M. and Ali, M.A., 2019, August. Acceptance of Website Security on E-banking. A-
Review. In 2019 IEEE 10th Control and System Graduate Research Colloquium
(ICSGRC) (pp. 201-206). IEEE.
Barker, R., 2018. Knowledge management to prevent fraudulant e-banking
transactions. Communitas, 23, pp.71-86.
Basias, N. and Pollalis, Y., 2018. Quantitative and qualitative research in business & technology:
Justifying a suitable research methodology. Review of Integrative Business and
Economics Research, 7, pp.91-105.
Chaimaa, B., Najib, E. and Rachid, H., 2021. E-banking Overview: Concepts, Challenges and
Solutions. Wireless Personal Communications, 117(2), pp.1059-1078.
Hammouri and et. al., 2021. Explore the Relationship between Security Mechanisms and Trust in
E-Banking: A Systematic Review. Annals of the Romanian Society for Cell
Biology, 25(6), pp.17083-17093.
Malinka and et. al., 2022. E-Banking Security Study—10 Years Later. IEEE Access, 10,
pp.16681-16699.
Mehrad, A. and Zangeneh, M.H.T., 2019. Comparison between qualitative and quantitative
research approaches: Social sciences. International Journal For Research In
Educational Studies, Iran.
Mohajan, H.K., 2018. Qualitative research methodology in social sciences and related
subjects. Journal of Economic Development, Environment and People, 7(1), pp.23-48.
Prasanalakshmi, B. and Pugalendhi, G.K., 2019, June. Two-way handshake user authentication
scheme for e-banking system. In International Conference on Intelligent Computing
and Communication (pp. 135-141). Springer, Singapore.
Rutberg, S. and Bouikidis, C.D., 2018. Focusing on the fundamentals: A simplistic
differentiation between qualitative and quantitative research. Nephrology Nursing
Journal, 45(2), pp.209-213.
Sarjiyus, O., Oye, N.D. and Baha, B.Y., 2019. Improved online security framework for e-
banking services in Nigeria: A real world perspective. management, 6, p.7.
Shankar, A. and Jebarajakirthy, C., 2019. The influence of e-banking service quality on customer
loyalty: A moderated mediation approach. International Journal of Bank Marketing.
Younus, A.M. and Zaidan, M.N., 2022. THE INFLUENCE OF QUANTITATIVE RESEARCH
IN BUSINESS & INFORMATION TECHNOLOGY: AN APPROPRIATE
RESEARCH METHODOLOGY PHILOSOPHICAL REFLECTION. American
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